President Joe Biden’s attempt to bring back the dead – Bidenomics – to tell the public they never had it so good was overshadowed by yet another gaffe. Once again, the president was confused, asking the crowd, “Where’s Deborah?” This was in reference to an apparent incident with Representative Deborah Ross (D-NC). “I just had my picture taken with her, that’s probably why she left. Oh, she couldn’t be here, actually. That’s not true. I got it mixed up,” he told the crowd.
So, now, what about Bidenomics? His speech in Raleigh, NC, was more of the same, consisting of incorrection explanations of his record on the economy. It seems the White House thinks if you repeat false information enough, the people will eventually believe it.
The Bidenomics Record
For the past several months, some of the most mendacious statements out of the White House have been that the administration created 14,000 million new jobs and 800,000 manufacturing positions and that inflation is coming down. As Liberty Nation has pointed out repeatedly, only roughly five million new jobs have been created since the president took office, 200,000 manufacturing positions were gained, and there is no deflation – just a slowdown in the growth rate of inflation.
In his speech, the president alluded to wages and household wealth, claiming they are up.
First, according to recent Bureau of Labor Statistics (BLS) data, real (inflation-adjusted) weekly earnings are down 5.6% from the all-time high recorded in October 2020, and real hourly wages have slumped 2.6% since February 2021. So, over the past few years, workers’ nominal earnings have risen, but their paychecks have failed to keep up with inflation.
Second, his point about household wealth likely derives from a recent Federal Reserve report that showed it climbed to $193,000, driven by government stimulus and central bank-influenced housing and stock markets. Interestingly enough, the Eccles Building reported in December that US household wealth dropped in the third quarter by 1%. Additionally, other studies have highlighted that families are spending thousands of dollars more per year to maintain the same living standards they had in 2019.
One of the latest talking points that the White House loves discussing is the record 16 million new applications for business. Yes, it is terrific that more Americans are tapping into the entrepreneurial spirit. But this datum should be complemented by another trend that LN has previously reported: Small bankruptcies are soaring at the fastest pace since the coronavirus pandemic.
The president also argued that the wealthy are not giving Uncle Sam his share of the loot. “Well, they got to start paying their taxes,” President Biden stated, adding that if they paid the top tax rate of 38%, $40 billion would be raised. But here’s the deal. First, if the affluent are not paying their taxes, it would be easy for the IRS to pay them a visit. Second, if they are paying a tax rate of 8.5%, this is in accordance with federal laws. Third, the US government is on track to run a $2 trillion deficit this fiscal year, so $40 billion is a pittance for managing the books.
Former President Donald Trump was mentioned, too. Biden claimed his predecessor said he wants the economy to crash. As LN noted, the Republican frontrunner stated that he did not want the economy to collapse but warned that it would, hoping that it would happen before he takes office should he win.
Does President Biden have a good message? Most Americans do not believe in Bidenomics despite the economy apparently being in a glorious state. If the current regime possesses an astounding record and a positive vision for the future, it is routinely eclipsed by his lack of mental acuity.
One of his most well-known errors occurred in September 2022, when he ostensibly forgot about the death of former Representative Jackie Walorski (R-IN), scanning the crowd for her and calling her name. “Jackie, Jackie are you here?” Biden said. “I think she was going to be here to help make this a reality.” The other most underrated Biden blunder was when he claimed he spoke to former Chancellor of West Germany Helmut Schmidt and former French President Francois Mitterrand at the 2021 G7 meeting. The problem? The former died in 2015, and the latter passed away in 1996.
Political observers could spend years writing a list of the president’s physical stumbles and verbal slipups. Of course, this is popcorn political entertainment. The sad reality is that millions of Americans are struggling, and many think the administration’s policies are making things worse, not beter.